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Spanish Bond Yields Reach Record Highs

David Sumner | 08:15 | 17/04/12

The Euro dropped to the lowest level since February versus the Yen after day trading reports revealed that Spanish bond yields reached record highs. This took place ...

The Euro dropped to the lowest level since February versus the Yen after day trading reports revealed that Spanish bond yields reached record highs. This took place as Spain’s deputy Economy Minister, Jaime Garcia-Legaz, called on the European Central Bank to implement further actions in order to stem the debt crisis. The shared currency dipped below the psychological $1.3000 level prior to erasing losses and rallying against most of its counterparts as demand for risk assets increased soon after equities climbed.
Meanwhile the U.S. Dollar advanced following the release of data indicating that Consumer Spending went up during the month of March, thereby lessening the likelihood that the Federal Reserve will implement further monetary easing. The Department of Commerce showed that Retail Sales climbed 0.8 percent. The U.S. currency gained against the Chinese Yuan as market investors continue to worry about the crisis in the Euro region and growth in the world’s second largest economy.
Other currency trading news confirmed that concerns about the hike in Spain’s borrowing costs weighed on currencies from countries that export raw materials; this was seen in the Canadian Dollar, which slipped versus the Yen, as demand for safe havens dampened the Loonie’s appeal. However, Canada’s currency erased earlier losses after crude oil prices increased and risk sentiment improved upon the release of better than forecast U.S. Retail Sales data.
Lastly, as almost every Forex trader fled from Euro assets, the Sterling rose to an 18-month high versus the 17-nation currency.